Alexander Products
Alexander Products manufactures dental equipment and uses a standard cost system. A new product (HV65) that is being introduced requires a particular type of stainless steel. Alexander purchased a quantity of this stainless steel (in meters). The following data summarize the operations regarding the purchase and use of this new stainless steel.
Actual price | $6.20 per meter |
Actual number of meters used | 8,500 meters |
Price variance | $2,000 U |
Raw material variance | $3,000 U |
Ending raw material inventory | $9,000 |
Standard quantity given the number of HV65 produced | 8,000 meters |
Amount of stainless steel in work in process inventory | $48,000 |
Required:
Calculate the number of meters of stainless steel purchased and the standard price per meter of the stainless steel Alexander used in its standard cost system.
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